Gasprombank opened long-term credit line for ArmRosgasprom

26.10.2009 20:52
Gasprombank opened long-term credit line for ArmRosgasprom

YEREVAN, October 26. /ARKA/. On Monday Russian Open JSC “Gasprombank” and CJSC “ArmRosgasprom” signed an agreement on opening credit line in the amount of 40 million US dollars (for seven years).

This credit line will be served by the affiliate of “Gasprombank” – CJSC Areximbank –the Group of Gasprombank”. “Signing of the agreement is a regular step in the implementation of strategic task for the development of the efficient cooperation of energy-fuel enterprises of the country”. CJSC “ArmRosgasprom” continues to regularly implement gas-energy projects which have strategic impact on Russian economy, particularly expansion of gas-transport system with exploitation of gas-pipeline “Iran-Armenia” and construction and modernization of the 5th energy block of Hrazdan Thermo-electric station.

During January-September 2009 about 27.8 billion drams were invested for these programs. Moreover, during the first 9 months of 2009 about 10.3 billion drams were invested for the implementation of reconstruction and development program of gas complex. During the last several years total volume of investments made 700-750 million US dollars.

Investments programs are implemented on the account of own resources and borrowings. As for borrowings, CJSC “ArmRosgasprom” cooperates with a number of local and foreign financial organizations. Open JSC “Gasprombank” is one of the largest universal financial institutions of Russia. It is included in the group of three largest banks of Russia and occupies the third place in the list of banks of Central and Eastern Europe. It serves the key areas of Russian economy – gas, oil, nuclear and electro-energy spheres. More than 2 million physical and 43 legal entities are the clients of Gasprombank. It has 44 regional branches and five affiliates and depending banks in Russia. The bank also participates in the capital of three foreign banks - “Belgasprombank” (Belarus), “Areximbank – the group of Gasprombank” (Armenia) and “Russian Commercial Bank” (Switzerland).

Gasprombank has also representation banks in Beijing (China) and Ulan-Bator (Mongolia). As of June 30, 2009 total capital of “Gasprombank” was 156.5 billion drams, total assets - 1 855.3 billion drams. CJSC Areximbank –the Group of Gasprombank” was established in 1998 for the support of entrepreneurship and service of financial flows between Russia and Armenia. Since 2007 it is included in the group of the largest Russian bank “Gasprombank” (Open Joint Stock Company) as a 100% affiliate of the company. More than 58 000 physical and 2000 legal entities are the clients of the bank, including such large companies with the share of Russian capital as

CJSC “ArmRosgasprom”, CJSC “Armenian Electrical network”, VivaCell – MTS, Beeline, CJSC “Rusal-Armenal”, Russian-Armenian (Slavyanski) University, etc. As of September 18, 2009 total capital of the bank was – 9.906.771 thousand drams, total assets – 39.545.809 thousand drams. Number of branches - 15. G.K.—0--

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